Technology is always evolving, with new ways to benefit always on the horizon. Like Mobility and Cloud, Internet of Things (Iot) is a shift in computing that will impact many businesses and organizations within the next few years. According to research from the Computing Technology Industry Association (CompTIA), IoT is expected to drive over 50 billion connected devices by 2020. Read on to explore why this new emerging area of technology is expected to grow at a dramatic pace.
Internet of Things (IoT): Why Now?
Internet of Things is driven by the ever-rising availability of computing power and storage capacity combined with the ever-lower pricing of these valuable services. Combining the availability of miniaturized low-cost sensors and chips with robust wireless network and software defined networking, the deployment of IoT is practical and affordable. What’s more, the standards for Internet Protocol v6 (IPv6) hurdle the limitation of 64-bit IP Addresses by adding 128-bit addresses to identify IP address connections. This moves the theoretical limits of connected devices from 30+ billion to over 30 trillion trillion trillion. That is a lot of connected devices compared to prior eras of computing.
Isn’t Internet of Things (IoT) Just for Consumer Devices?
We live in an age of consumerization of IT. This means innovations in technology are now derived from consumer applications and applied to business. In past eras of computing, innovations coming from government or universities’ investments trickled into consumers’ hands after passing through the business world. Many consumer-related devices and sensors are already deployed in the home. From climate control to smart TVs, our households are full of Internet of Things. CompTIA research of corporate IT and Business owners cited 6 in 10 organizations reporting some type of IoT initiative underway. Internet of Things is being adopted in a wide range of businesses for a wide range of applications.
What are the Benefits of IoT?
Respondents to the CompTIA survey cited the following top benefits of IoT: New and/or better customer experiences, better asset visibility and monitoring, cost savings and higher efficiency, new product/service revenue, new/better data for decisions, automating business processes, staff productivity gains, and automating factory / transportation /supply chains. Smart cities are using IoT to ease traffic, retailers use IoT to manage inventory, and fleet managers are using IoT to keep track of asset usage, among many other applications.
Whether you are considering a new IT project or adding onto an existing project, IoT may be an affordable addition to save money, improve customer experience, or increase customer loyalty. What’s more, you may benefit from new insights or revenue streams related to IoT technologies. Ask your trusted technology advisor how your company may benefit from Internet of Things.